The Federal Reserve Board gave Fifth Third Bancorp permission Monday to acquire the Ohio Co., a Columbus brokerage firm.
The order lets Fifth Third underwrite corporate and government securities, offer brokerage and private placement services, and act as an investment adviser. These activities will conducted in a newly created section 20 subsidiary of the holding company.
A Fifth Third spokeswoman said the deal is expected to close by June 12.
Separately on Monday, the Fed approved Norwest Corp.'s acquisition of Mountain Bancshares, Newport, Minn., and gave Eagle Bancorp, Bethesda, Md., permission to become a bank holding company.